The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8

COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
3M Company COM 88579Y101 14,290 75,000 SH   SOLE   75,000 0 0
3M Company COM 88579Y101 24,580 129,000 SH   DFND 1 129,000 0 0
Accenture COM G1151C101 9,462 67,100 SH   SOLE   67,100 0 0
Accenture COM G1151C101 13,015 92,300 SH   DFND 1 92,300 0 0
Activision Blizzard Inc COM 00507V109 84 1,800 SH   SOLE   1,800 0 0
Activision Blizzard Inc COM 00507V109 8,196 176,000 SH   DFND 1 176,000 0 0
Albemarle Corp COM 012653101 5,626 73,000 SH   DFND 1 73,000 0 0
Alleghany Corporation COM 017175100 2,698 4,328 SH   SOLE   4,328 0 0
Alphabet Inc COM 02079K107 11,132 10,749 SH   SOLE   10,749 0 0
Alphabet Inc COM 02079K107 108,159 104,440 SH   DFND 1 104,440 0 0
Alphabet Inc Class A COM 02079K305 3,448 3,300 SH   SOLE   3,300 0 0
Alphabet Inc Class A COM 02079K305 9,614 9,200 SH   DFND 1 9,200 0 0
Amazon.com COM 023135106 18,624 12,400 SH   SOLE   12,400 0 0
Amazon.com COM 023135106 116,170 77,345 SH   DFND 1 77,345 0 0
American Express COM 025816109 953 10,000 SH   SOLE   10,000 0 0
American Express COM 025816109 35,840 376,000 SH   DFND 1 376,000 0 0
American Tower COM 03027X100 158 1,000 SH   SOLE   1,000 0 0
American Tower COM 03027X100 5,458 34,500 SH   DFND 1 34,500 0 0
Analog Devices Inc COM 032654105 17,472 203,565 SH   SOLE   203,565 0 0
Analog Devices Inc COM 032654105 42,593 496,246 SH   DFND 1 496,246 0 0
Anthem Inc COM 036752103 7,616 29,000 SH   SOLE   29,000 0 0
Anthem Inc COM 036752103 51,213 195,000 SH   DFND 1 195,000 0 0
Aon Corporation COM G0408V102 5,378 37,000 SH   DFND 1 37,000 0 0
Apollo Global Management - A COM 037612306 552 22,500 SH   SOLE   22,500 0 0
Apollo Global Management - A COM 037612306 23,215 946,000 SH   DFND 1 946,000 0 0
Apple Inc COM 037833100 1,901 12,050 SH   SOLE   12,050 0 0
Apple Inc COM 037833100 22,752 144,235 SH   DFND 1 144,235 0 0
Archer Daniels COM 039483102 24,336 594,000 SH   SOLE   594,000 0 0
Archer Daniels COM 039483102 35,615 869,300 SH   DFND 1 869,300 0 0
Automatic Data Processing COM 053015103 16,652 127,000 SH   SOLE   127,000 0 0
Automatic Data Processing COM 053015103 52,933 403,700 SH   DFND 1 403,700 0 0
Autonation Inc COM 05329W102 43 1,200 SH   SOLE   1,200 0 0
Autonation Inc COM 05329W102 1,027 28,760 SH   DFND 1 28,760 0 0
Berkshire Hathaway Class B COM 084670702 135,090 661,620 SH   SOLE   661,620 0 0
Berkshire Hathaway Class B COM 084670702 175,008 857,127 SH   DFND 1 857,127 0 0
Berkshire Hathaway, Inc. COM 084670108 104,040 340 SH   SOLE   340 0 0
Berkshire Hathaway, Inc. COM 084670108 231,336 756 SH   DFND 1 756 0 0
Blackrock Inc COM 09247X101 4,714 12,000 SH   SOLE   12,000 0 0
Blackrock Inc COM 09247X101 72,161 183,700 SH   DFND 1 183,700 0 0
Blackstone Group COM 09253U108 1,028 34,500 SH   SOLE   34,500 0 0
Blackstone Group COM 09253U108 32,240 1,081,500 SH   DFND 1 1,081,500 0 0
Boeing Co COM 097023105 3,838 11,900 SH   SOLE   11,900 0 0
Boeing Co COM 097023105 26,606 82,500 SH   DFND 1 82,500 0 0
Booking Holdings Inc COM 09857L108 431 250 SH   DFND 1 250 0 0
Brookfield Asset Management COM 112585104 57,708 1,504,782 SH   SOLE   1,504,782 0 0
Brookfield Asset Management COM 112585104 159,895 4,169,359 SH   DFND 1 4,169,359 0 0
Brown Forman Class A COM 115637100 23,359 492,600 SH   SOLE   492,600 0 0
Brown Forman Class A COM 115637100 16,616 350,400 SH   DFND 1 350,400 0 0
Brown-Forman Class B COM 115637209 10,789 226,750 SH   SOLE   226,750 0 0
Brown-Forman Class B COM 115637209 11,773 247,437 SH   DFND 1 247,437 0 0
CDK Global Inc COM 12508E101 2,027 42,333 SH   SOLE   42,333 0 0
CDK Global Inc COM 12508E101 6,443 134,564 SH   DFND 1 134,564 0 0
CME Group Inc COM 12572Q105 941 5,000 SH   SOLE   5,000 0 0
CME Group Inc COM 12572Q105 24,456 130,000 SH   DFND 1 130,000 0 0
CVS Corporation COM 126650100 131 2,000 SH   SOLE   2,000 0 0
CVS Corporation COM 126650100 17,887 273,000 SH   DFND 1 273,000 0 0
Cable One COM 12685J105 4,265 5,200 SH   DFND 1 5,200 0 0
Carmax COM 143130102 70,203 1,119,126 SH   SOLE   1,119,126 0 0
Carmax COM 143130102 237,994 3,793,944 SH   DFND 1 3,793,944 0 0
Caterpillar Inc COM 149123101 1,271 10,000 SH   SOLE   10,000 0 0
Caterpillar Inc COM 149123101 34,055 268,000 SH   DFND 1 268,000 0 0
Charles Schwab COM 808513105 4,984 120,000 SH   SOLE   120,000 0 0
Charles Schwab COM 808513105 38,918 937,100 SH   DFND 1 937,100 0 0
Chipotle Mexican Grill Inc COM 169656105 3,541 8,200 SH   DFND 1 8,200 0 0
Choice Hotels Intl Inc COM 169905106 215 3,000 SH   SOLE   3,000 0 0
Choice Hotels Intl Inc COM 169905106 8,196 114,500 SH   DFND 1 114,500 0 0
Cisco COM 17275R102 6,413 148,000 SH   SOLE   148,000 0 0
Cisco COM 17275R102 8,406 194,000 SH   DFND 1 194,000 0 0
Citigroup Inc COM 172967424 69 1,320 SH   SOLE   1,320 0 0
Citigroup Inc COM 172967424 638 12,250 SH   DFND 1 12,250 0 0
Colfax Corporation COM 194014106 22,678 1,085,070 SH   SOLE   1,085,070 0 0
Colfax Corporation COM 194014106 1,045 50,000 SH   DFND 1 50,000 0 0
Comcast Corp- Class A COM 20030N101 3,507 103,000 SH   SOLE   103,000 0 0
Comcast Corp- Class A COM 20030N101 10,079 296,000 SH   DFND 1 296,000 0 0
Costco COM 22160K105 2,648 13,000 SH   SOLE   13,000 0 0
Costco COM 22160K105 5,296 26,000 SH   DFND 1 26,000 0 0
Crown Holdings Inc COM 228368106 624 15,000 SH   DFND 1 15,000 0 0
DR Horton Inc COM 23331A109 29 850 SH   SOLE   850 0 0
DR Horton Inc COM 23331A109 284 8,207 SH   DFND 1 8,207 0 0
Delta Air Lines COM 247361702 299 6,000 SH   SOLE   6,000 0 0
Delta Air Lines COM 247361702 2,395 48,000 SH   DFND 1 48,000 0 0
Diageo PLC COM 25243Q205 83,421 588,300 SH   SOLE   588,300 0 0
Diageo PLC COM 25243Q205 107,981 761,500 SH   DFND 1 761,500 0 0
Discovery Communications COM 25470F302 346 15,000 SH   SOLE   15,000 0 0
Discovery Communications COM 25470F302 26,680 1,156,000 SH   DFND 1 1,156,000 0 0
Disney COM 254687106 37,796 344,700 SH   SOLE   344,700 0 0
Disney COM 254687106 159,628 1,455,800 SH   DFND 1 1,455,800 0 0
Dollar Tree Inc COM 256746108 1,174 13,000 SH   SOLE   13,000 0 0
Dollar Tree Inc COM 256746108 9,935 110,000 SH   DFND 1 110,000 0 0
Ecolab COM 278865100 3,389 23,000 SH   SOLE   23,000 0 0
Ecolab COM 278865100 36,366 246,800 SH   DFND 1 246,800 0 0
Electronic Arts Inc COM 285512109 71 900 SH   SOLE   900 0 0
Electronic Arts Inc COM 285512109 8,246 104,500 SH   DFND 1 104,500 0 0
Equifax Inc COM 294429105 233 2,500 SH   DFND 1 2,500 0 0
Facebook COM 30303M102 2,440 18,610 SH   SOLE   18,610 0 0
Facebook COM 30303M102 15,720 119,920 SH   DFND 1 119,920 0 0
Factset Research COM 303075105 4,603 23,000 SH   SOLE   23,000 0 0
Factset Research COM 303075105 18,612 93,000 SH   DFND 1 93,000 0 0
General Dynamics COM 369550108 6,917 44,000 SH   SOLE   44,000 0 0
General Dynamics COM 369550108 53,923 343,000 SH   DFND 1 343,000 0 0
Goldman Sachs COM 38141G104 2,982 17,850 SH   SOLE   17,850 0 0
Goldman Sachs COM 38141G104 18,053 108,070 SH   DFND 1 108,070 0 0
Graham Holdings Co COM 384637104 3,331 5,200 SH   DFND 1 5,200 0 0
Hasbro, Inc COM 418056107 8,482 104,400 SH   SOLE   104,400 0 0
Hasbro, Inc COM 418056107 21,092 259,600 SH   DFND 1 259,600 0 0
Healthcare Services Group COM 421906108 201 5,000 SH   SOLE   5,000 0 0
Healthcare Services Group COM 421906108 5,665 141,000 SH   DFND 1 141,000 0 0
Heico Corp Class A COM 422806208 485 7,702 SH   SOLE   7,702 0 0
Heico Corp Class A COM 422806208 17,920 284,443 SH   DFND 1 284,443 0 0
Hexcel Corp COM 428291108 229 4,000 SH   SOLE   4,000 0 0
Hexcel Corp COM 428291108 7,454 130,000 SH   DFND 1 130,000 0 0
Home Depot COM 437076102 6,357 37,000 SH   SOLE   37,000 0 0
Home Depot COM 437076102 151,717 883,000 SH   DFND 1 883,000 0 0
Illinois Tool Works COM 452308109 10,769 85,000 SH   SOLE   85,000 0 0
Illinois Tool Works COM 452308109 18,370 145,000 SH   DFND 1 145,000 0 0
Illumina Inc COM 452327109 300 1,000 SH   DFND 1 1,000 0 0
Intl Flavors & Fragrances COM 459506101 2,014 15,000 SH   SOLE   15,000 0 0
Intl Flavors & Fragrances COM 459506101 6,512 48,500 SH   DFND 1 48,500 0 0
Investors Title Company COM 461804106 37,686 213,300 SH   DFND 1 213,300 0 0
JP Morgan COM 46625H100 17,864 183,000 SH   DFND 1 183,000 0 0
John Deere COM 244199105 6,713 45,000 SH   SOLE   45,000 0 0
John Deere COM 244199105 156,688 1,050,400 SH   DFND 1 1,050,400 0 0
Johnson and Johnson COM 478160104 14,738 114,200 SH   SOLE   114,200 0 0
Johnson and Johnson COM 478160104 64,086 496,600 SH   DFND 1 496,600 0 0
KKR & Co LLC COM 48251W104 353 18,000 SH   SOLE   18,000 0 0
KKR & Co LLC COM 48251W104 24,007 1,223,000 SH   DFND 1 1,223,000 0 0
Liberty Broadband A COM 530307107 1,562 21,750 SH   SOLE   21,750 0 0
Liberty Broadband A COM 530307107 13,177 183,500 SH   DFND 1 183,500 0 0
Liberty Broadband Class C COM 530307305 2,943 40,853 SH   SOLE   40,853 0 0
Liberty Broadband Class C COM 530307305 9,455 131,260 SH   DFND 1 131,260 0 0
Liberty Global PLC COM G5480U104 64 3,000 SH   SOLE   3,000 0 0
Liberty Global PLC COM G5480U104 3,756 176,000 SH   DFND 1 176,000 0 0
Liberty Latin America COM G9001E102 286 19,720 SH   DFND 1 19,720 0 0
Liberty Media Group A COM 531229870 565 19,000 SH   SOLE   19,000 0 0
Liberty Media Group A COM 531229870 6,256 210,500 SH   DFND 1 210,500 0 0
Liberty Media Group C COM 531229854 890 29,000 SH   SOLE   29,000 0 0
Liberty Media Group C COM 531229854 7,076 230,500 SH   DFND 1 230,500 0 0
Liberty Sirius Group A COM 531229409 1,914 52,000 SH   SOLE   52,000 0 0
Liberty Sirius Group A COM 531229409 13,763 374,000 SH   DFND 1 374,000 0 0
Liberty Sirius Group C COM 531229607 4,955 134,000 SH   SOLE   134,000 0 0
Liberty Sirius Group C COM 531229607 14,348 388,000 SH   DFND 1 388,000 0 0
Linde PLC COM G5494J103 921 5,900 SH   SOLE   5,900 0 0
Linde PLC COM G5494J103 13,810 88,500 SH   DFND 1 88,500 0 0
Live Nation COM 538034109 517 10,500 SH   SOLE   10,500 0 0
Live Nation COM 538034109 23,551 478,200 SH   DFND 1 478,200 0 0
Lowes COM 548661107 20,042 217,000 SH   SOLE   217,000 0 0
Lowes COM 548661107 32,603 353,000 SH   DFND 1 353,000 0 0
MSCI COM 55354G100 147 1,000 SH   SOLE   1,000 0 0
MSCI COM 55354G100 20,050 136,000 SH   DFND 1 136,000 0 0
Marriott International COM 571903202 22,369 206,049 SH   SOLE   206,049 0 0
Marriott International COM 571903202 143,974 1,326,220 SH   DFND 1 1,326,220 0 0
Marsh & McLennan COM 571748102 1,396 17,500 SH   SOLE   17,500 0 0
Marsh & McLennan COM 571748102 47,212 592,000 SH   DFND 1 592,000 0 0
Mastercard, Inc COM 57636Q104 6,791 36,000 SH   SOLE   36,000 0 0
Mastercard, Inc COM 57636Q104 27,562 146,100 SH   DFND 1 146,100 0 0
Maxim Integrated Products COM 57772K101 3,559 70,000 SH   SOLE   70,000 0 0
Maxim Integrated Products COM 57772K101 9,255 182,000 SH   DFND 1 182,000 0 0
McKesson Corp COM 58155Q103 409 3,700 SH   SOLE   3,700 0 0
McKesson Corp COM 58155Q103 3,690 33,400 SH   DFND 1 33,400 0 0
Microchip Technology COM 595017104 288 4,000 SH   SOLE   4,000 0 0
Microchip Technology COM 595017104 10,572 147,000 SH   DFND 1 147,000 0 0
Microsoft Corp COM 594918104 8,430 83,000 SH   SOLE   83,000 0 0
Microsoft Corp COM 594918104 31,080 306,000 SH   DFND 1 306,000 0 0
Mohawk Industries COM 608190104 4,795 41,000 SH   DFND 1 41,000 0 0
Moody's Corp COM 615369105 14,424 103,000 SH   SOLE   103,000 0 0
Moody's Corp COM 615369105 13,598 97,100 SH   DFND 1 97,100 0 0
NVR Inc COM 62944T105 1,876 770 SH   DFND 1 770 0 0
NXP Semiconductors NV COM N6596X109 2,125 29,000 SH   DFND 1 29,000 0 0
Nike COM 654106103 6,079 82,000 SH   SOLE   82,000 0 0
Nike COM 654106103 21,056 284,000 SH   DFND 1 284,000 0 0
Norfolk Southern COM 655844108 10,916 73,000 SH   SOLE   73,000 0 0
Norfolk Southern COM 655844108 23,403 156,500 SH   DFND 1 156,500 0 0
Novo-Nordisk A/S COM 670100205 24,187 525,000 SH   SOLE   525,000 0 0
Novo-Nordisk A/S COM 670100205 25,338 550,000 SH   DFND 1 550,000 0 0
Oaktree Capital Group LLC COM 674001201 2,305 58,000 SH   SOLE   58,000 0 0
Oaktree Capital Group LLC COM 674001201 38,259 962,500 SH   DFND 1 962,500 0 0
Parker-Hannifin Corp COM 701094104 910 6,100 SH   SOLE   6,100 0 0
Parker-Hannifin Corp COM 701094104 16,778 112,500 SH   DFND 1 112,500 0 0
Paychex COM 704326107 4,560 70,000 SH   SOLE   70,000 0 0
Paychex COM 704326107 5,212 80,000 SH   DFND 1 80,000 0 0
Penske Automotive Group COM 70959W103 1,008 25,000 SH   SOLE   25,000 0 0
Penske Automotive Group COM 70959W103 1,895 47,000 SH   DFND 1 47,000 0 0
Pepsico COM 713448108 2,099 19,000 SH   SOLE   19,000 0 0
Pepsico COM 713448108 13,987 126,600 SH   DFND 1 126,600 0 0
Philip Morris International COM 718172109 7,644 114,500 SH   DFND 1 114,500 0 0
Progressive Corp COM 743315103 3,318 55,000 SH   SOLE   55,000 0 0
Progressive Corp COM 743315103 22,563 374,000 SH   DFND 1 374,000 0 0
RLI Corporation COM 749607107 19,110 277,000 SH   SOLE   277,000 0 0
RLI Corporation COM 749607107 63,490 920,272 SH   DFND 1 920,272 0 0
Rockwell Automation Inc COM 773903109 888 5,900 SH   SOLE   5,900 0 0
Rockwell Automation Inc COM 773903109 18,344 121,900 SH   DFND 1 121,900 0 0
Rollins, Inc. COM 775711104 1,305 36,150 SH   SOLE   36,150 0 0
Rollins, Inc. COM 775711104 27,053 749,400 SH   DFND 1 749,400 0 0
S&P Global COM 78409V104 170 1,000 SH   SOLE   1,000 0 0
S&P Global COM 78409V104 24,811 146,000 SH   DFND 1 146,000 0 0
SEI Investments Co COM 784117103 2,726 59,000 SH   SOLE   59,000 0 0
SEI Investments Co COM 784117103 14,054 304,200 SH   DFND 1 304,200 0 0
Scotts Miracle-Gro Co COM 810186106 2,151 35,000 SH   SOLE   35,000 0 0
Scotts Miracle-Gro Co COM 810186106 8,789 143,000 SH   DFND 1 143,000 0 0
Sensata Technologies Holding COM N7902X106 90 2,000 SH   SOLE   2,000 0 0
Sensata Technologies Holding COM N7902X106 3,587 80,000 SH   DFND 1 80,000 0 0
Shake Shack Inc - Class A COM 819047101 136 3,000 SH   SOLE   3,000 0 0
Shake Shack Inc - Class A COM 819047101 1,288 28,350 SH   DFND 1 28,350 0 0
Sherwin Williams COM 824348106 4,328 11,000 SH   DFND 1 11,000 0 0
Southwest Airlines COM 844741108 790 17,000 SH   SOLE   17,000 0 0
Southwest Airlines COM 844741108 3,440 74,000 SH   DFND 1 74,000 0 0
Starbucks Corp COM 855244109 2,479 38,500 SH   SOLE   38,500 0 0
Starbucks Corp COM 855244109 24,901 386,668 SH   DFND 1 386,668 0 0
Stericycle Inc COM 858912108 917 25,000 SH   SOLE   25,000 0 0
Stericycle Inc COM 858912108 15,648 426,500 SH   DFND 1 426,500 0 0
T.Rowe Price COM 74144T108 2,954 32,000 SH   SOLE   32,000 0 0
T.Rowe Price COM 74144T108 26,034 282,000 SH   DFND 1 282,000 0 0
Texas Instruments Inc COM 882508104 16,159 171,000 SH   SOLE   171,000 0 0
Texas Instruments Inc COM 882508104 43,942 465,000 SH   DFND 1 465,000 0 0
The Carlyle Group COM 14309L102 701 44,500 SH   SOLE   44,500 0 0
The Carlyle Group COM 14309L102 16,514 1,048,500 SH   DFND 1 1,048,500 0 0
The Travelers Companies Inc COM 89417E109 37,721 315,000 SH   DFND 1 315,000 0 0
TransUnion COM 89400J107 227 4,000 SH   DFND 1 4,000 0 0
Tyson Foods COM 902494103 12,068 226,000 SH   DFND 1 226,000 0 0
Unilever PLC ADR COM 904767704 209 4,000 SH   SOLE   4,000 0 0
Unilever PLC ADR COM 904767704 79,608 1,523,600 SH   DFND 1 1,523,600 0 0
Union Pacific COM 907818108 1,534 11,100 SH   SOLE   11,100 0 0
Union Pacific COM 907818108 10,266 74,270 SH   DFND 1 74,270 0 0
United Health Group Inc COM 91324P102 12,008 48,200 SH   SOLE   48,200 0 0
United Health Group Inc COM 91324P102 137,215 550,800 SH   DFND 1 550,800 0 0
United Technologies COM 913017109 5,814 54,600 SH   SOLE   54,600 0 0
United Technologies COM 913017109 18,038 169,400 SH   DFND 1 169,400 0 0
Verisk Analytics Inc COM 92345Y106 109 1,000 SH   SOLE   1,000 0 0
Verisk Analytics Inc COM 92345Y106 7,960 73,000 SH   DFND 1 73,000 0 0
Verizon COM 92343V104 1,012 18,000 SH   SOLE   18,000 0 0
Verizon COM 92343V104 4,216 75,000 SH   DFND 1 75,000 0 0
Visa COM 92826C839 11,228 85,100 SH   SOLE   85,100 0 0
Visa COM 92826C839 110,922 840,700 SH   DFND 1 840,700 0 0
WR Berkley Corp COM 084423102 1,330 18,000 SH   DFND 1 18,000 0 0
Walgreens Boots Alliance Inc COM 931427108 46,850 685,650 SH   SOLE   685,650 0 0
Walgreens Boots Alliance Inc COM 931427108 99,922 1,462,350 SH   DFND 1 1,462,350 0 0
Watsco Inc COM 942622200 3,075 22,100 SH   SOLE   22,100 0 0
Watsco Inc COM 942622200 37,971 272,900 SH   DFND 1 272,900 0 0
Wells Fargo COM 949746101 783 17,000 SH   SOLE   17,000 0 0
Wells Fargo COM 949746101 1,751 38,000 SH   DFND 1 38,000 0 0
Whirlpool Corp COM 963320106 25 230 SH   SOLE   230 0 0
Whirlpool Corp COM 963320106 8,660 81,029 SH   DFND 1 81,029 0 0